Debt Dissolution | Debt Consolidation | Creditor Negotiations | Debt Restructuring
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Having trouble paying your bills? Getting continual notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?
Don't Let Your Situation Get Worse
The economy has left many Americans dealing with pressure from creditors for credit card debt, medical bills, and other forms of unsecured debt. If it is time for a fresh start, you are not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, overspending, loss of wages, divorce, unemployment, and/or credit card companies changing your rates or terms, it can seem overwhelming. But often, it can be overcome. Your financial situation does not have to go from bad to worse. CALL OUR OFFICE TODAY!
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Releasing Liability
What many borrowers fail to realize is that they may still be liable for the deficiency. It is important to be sure that there is a clear, contractual, legal separation between the borrower and the lender. Borrowers that correctly complete a short sale can help ensure that they are free from any obligation to pay back any deficiencies. In addition to avoiding the debt of the 1st lien, the short sale negotiating process is the best way to settle the debt with any junior lien holders. Gaining approval for a payoff of a 2nd or 3rd lien holder is important, and can hold up the process. Working out the debt with the junior lien holders is not only crucial for the process to be completed, but it is also crucial to protect the borrower from having to deal with those debts.
A Short Time Period
Be careful when choosing an agent to work with. Getting an approval on a short sale is not the same thing as a regular sale. Many agents are good at listing properties, but they do not know how to handle the short sale/loss mitigation departments at the banks. Short sales are limited to a very short time period. Just because you start a short sale does not mean the bank cannot still foreclose on the property. Your negotiator needs to understand how to work with the bank on supplying the documents to prove the financial hardship; one missing document can put the sale at risk. Knowing how to work with the short sale department of the bank is something that takes experience.
Offer and Acceptance
Banks always have a bottom line as to what price they are willing to approve for a short sale. A good negotiator is going to get the bank to approve a reasonable net amount to the bank. Just because there is a buyer, does not mean the bank will automatically sell it. It is important to know how to setup the net sheet and how to get the bank to approve it. Having experienced agents will help insure a smooth approval process, and a quicker closing. Do not under estimate the importance of details in the short sale process.
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